Sirius has announced an agreement with Kelso & Company (“Kelso”), a private equity firm based in New York, in which Kelso will acquire an equity interest in Sirius from Thoma Bravo and Harvey Najim, the company’s founder. The transaction is expected to close in the fourth quarter of 2015 and is subject to regulatory approvals and other closing conditions.
A 2006 equity investment by Thoma Bravo, a private equity firm with offices in Chicago and San Francisco, allowed Sirius to invest in a growth strategy which increased revenues from just over $600 million annually in 2006 to an expected $1.6 billion in 2015. Under this new partnership with Kelso, Thoma Bravo will be exiting their investment in Sirius.
As part of this change in ownership, Harvey Najim, founder of Sirius, will be retiring as Chairman. Najim will continue to support charitable organizations throughout the San Antonio area as he has done throughout his career, and is currently doing through the Harvey E. Najim Family Foundation. Joe Mertens will continue to lead Sirius as President and CEO, and there are not expected to be any changes in the company’s current management structure.
